The Price of Computers Has Fallen,while the Quantity Purchased Has

question 2

Multiple Choice

The price of computers has fallen,while the quantity purchased has remained constant.This implies that the demand for computers has:

• A) decreased, while the supply of computers has increased.
• B) increased.
• C) decreased, while the supply of computers has decreased.
• D) increased, while the supply of computers has increased.
• E) become more volatile.

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Definitions:

Promissory Estoppel

Promissory estoppel is a legal principle that prevents a party from withdrawing a promise made to another when the latter has reasonably relied on that promise to their detriment.

Doctrine

A set of beliefs, principles, or position, often held by an organization or a particular field of study.

Consideration

A concept in contract law that involves something of value promised to another when forming a contract.

Promise

A promise is a declaration or assurance that one will do a particular thing or that guarantees the happening or not happening of a specific event in the future.